Gold And Silver Fall Below Key Support Levels

GOLD

Gold and Silver prices are down in Tuesday trading following Federal Reserve chair Jerome Powell’s hawkish comments on the possibility of another interest rate cut before the end of the year and a stronger U.S. dollar index. This being said, many traders believe Gold prices will stay strong as many of the markers that indicate a rise in Gold prices remain in place. Notably, major U.S. banks are considering storing clients’ bullion, an expensive and lengthy endeavor that could indicate they believe Gold will continue to grow. Though safe-haven buying has slowed, continued wars and geopolitical tensions will continue to support the Gold price. Gold’s correction has provided an opportunity to buy back into the metals market after many long-term investors sold off at lower prices, as well as creating an opportunity for first-time metals investors to join in the fray and build their portfolios.

At 11am PT today, Gold is trading at $3937, down $66 today.

SILVER

Silver has followed a similar trend to Gold. With the U.S. dollar rallying for four consecutive days and putting significant pressure on the Silver price, we are seeing a correction in the metals market as it balances back out, building a firm base to continue to grow as 2025 nears its end.

At 11am PT today, Silver is trading at $47.39, down $0.81 from Monday.